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November 2016
Insight
Plus
Direct from Asia Pacific's Leading Midshore Business and Financial Centre.
Pivot to Asia continues, commitment to international standards in tax cooperation and transparency reinforced and additional key business sectors identified
Thou shalt not shy away from change. It is constant and to remain relevant, one has to adopt and adapt to the changes.
 
For Labuan International and Business Financial Centre (Labuan IBFC), change in a bid to remain relevant as a vibrant and progressive international financial centre is inevitable, particularly in today’s challenging climate.
 
As Governor of Bank Negara Malaysia and Chairman of Labuan Financial Services Authority ...
With the ever-changing economy landscape and the rapid regulatory developments taking place globally, it is only logical for international financial centres to remain agile and to “metamorphose into new environment relevancy” in order to stand up to these changes.
 
Since its inception more than 25 years ago, Labuan IBFC has been envisioned to benefit from growth and economic developments in the region. Today, it has become a centre for players and intermediaries in niche financial services such as financial leasing, captive insurance and wealth management.
 
Capitalising on this unique position, the centre look forward to embarking on a new journey to further refine the midshore centre concept by moving away from broad-based financial services and focusing on these niche areas, while maintaining its leading position in areas such as Islamic finance, regional holding company structures and reinsurance.
 
In addition to this refinement of strategy, the Labuan Financial Services Authority (Labuan FSA) will be undertaking three key policy initiatives in 2017 for the betterment of the midshore centre.
 
These include a review of the jurisdiction’s legal framework to better reflect regulatory and supervisory policy intentions, as well as to ensure the legal requirements remain relevant and current; deployment of more efficient technology-based systems for regulatory reporting; and the implementation of the Inter-Governmental Agreement of Model 1B that will facilitate compliance by Labuan financial institutions to the Foreign Account Tax Compliance Act (FATCA) and allow greater exchange of information with the United States.
 
It is worth nothing that Labuan IBFC as part of Malaysia is subscribed to the Common Reporting Standard as part of the Base Erosion and Profit Shifting Initiative led by the OECD.
 
The vision of becoming the leading midshore business and financial centre in Asia will not be an easy journey. Labuan IBFC will need all stakeholders to play their roles in helping to transform the centre.
 
Your support in the past is greatly appreciated and we hope to have your continued support to make this journey a successful one.
 
Together, we will build a stronger Labuan IBFC.
 
Danial Mah Abdullah
CEO, Labuan IBFC

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